After Reuters announced plans for major organisational restructure last week (see 500 Jobs To Go At Reuters Thanks To Restructure), shares dropped 3.61% yesterday, to close 36p down at £9.60, in what was the worst media performance of the day.At the other end of the scale The Wireless Group, which yesterday sold Scot FM to… Continue reading Sharewatch
The Financial Times has published an open letter to the newly returned Prime Minister, urging him to push ahead with the communications bill, now that the need to keep the media on-side is diminished following the election.The letter, by media reporter Andrew Ward, hints at the media’s displeasure at Chris Smith’s removal (see Smith Replaced… Continue reading FT Urges PM To Push For Action On Communications Bill
Global marketing group, Cordiant Communications, today warned that the recent economic slowdown, and in particular the decline of the technology sector, will impact this year’s profits. Speaking at the AGM, chairman Charles Scott said that in the light of these more difficult trading conditions, job cuts have been made in a number of Cordiant’s businesses.… Continue reading Economic Downturn Hits Cordiant Jobs And Profits
The Wireless Group (TWG) has sold Scot FM to the Guardian Media Group (GMG) for £25.5m. The move comes weeks after TWG had to deny rumours that the entire group was to be sold due to funding difficulties (see Wireless Group Denies Claims That It Is Up For Sale).Commenting on the sale, TWG’s chairman and… Continue reading Wireless Group Sells Scot FM For £25.5m
After Labour’s landslide victory last week the minister for culture, media and sport, Chris Smith, has been removed in favour of Tessa Jowell. Speculation that the DCMS is to be dismantled, with responsibility for broadcasting passing to the department of trade and industry, has as yet proved unfounded.Chris Smith’s return to the back benches will… Continue reading Smith Replaced By Jowell Following Labour Landslide
Virgin Radio has announced the launch of a new digital radio station aimed at teenagers. The station named Liquid is billed as; ‘the first pure chart radio service for London’ and will be a music led service featuring news, information and features designed to appeal to a core teenage audience.SMG commercial development director, Lee Roberts… Continue reading Virgin Radio To Launch Liquid At Teenagers
Emap Digital Travel (EDT) has been sold to internet-based travel technology and distribution group, Online Travel Corporation (OTC) for £2.8m.Paul Keenan, chief executive of Emap Digital, explained the decision, “We have previously stated that we are focusing our online activities towards our strategically important off-line assets. We don’t have a major presence in the travel… Continue reading Emap Offloads Travel Websites For £2.8m
Shares in the broadcasting sector took a slump this morning as reports claim that Granada’s financial results, due on Wednesday, will show deepening woes for ITV’s advertising revenues. The Financial Times says that ITV ad revenue is likely to be down almost 25% in July; in April revenues were down by 18.9%, according to buyers’… Continue reading Reports Predict Continued Gloom From Granada Results
BSkyB is to close its movie division Sky Pictures. The closure of the film division, which was set up in 1998, is thought to have resulted from a strategic review focussed on costs. BSkyB also recently announced plans to cut jobs from Open, Sky Interactive and the business side of Sky News.The decision to close… Continue reading Sky Pictures To Close As Part Of Cost Cutting Drive
BSkyB is to close its movie division Sky Pictures. The closure of the film division, which was set up in 1998, is thought to have resulted from a strategic review focussed on costs. BSkyB also recently announced plans to cut jobs from Open, Sky Interactive and the business side of Sky News. The decision to… Continue reading Sky Pictures To Close As Part Of Cost Cutting Drive
